BUSINESS October 24, 2013 | 5:25 PM
The world’s third-largest brewer Heineken NV revised its outlook for 2013’s full-year profit after a weaker than expected third quarter in both emerging and mature markets. This is the second time Heineken revised its outlook; in April, it lowered expectations for sales growth.
In the third quarter, consolidated organic beer volume fell 3%, and earnings were down 15% with net profit dropping to $665 million. Revenue grew 0.2% excluding acquisitions.Read more »
BUSINESS October 23, 2013 | 11:46 AM
The British government has approved the construction of the first new nuclear power plant in 20 years as part of a domestic-power strategy.
To be built by a foreign consortium at Hinkley Point C in southwestern England, the plant is expected to provide 7% of Britain’s electricity demand for 60 years, which is enough to power 6 million homes.Read more »
BUSINESS October 22, 2013 | 5:20 PM
Chinese businesses have been granted permission to invest in nuclear power plants in the UK as Britain aims to lower the chance of blackouts and increase financing in low-carbon energy up to $177 billion through to 2020.
The deal is also expected to advance Britain’s plans to build a brand new nuclear reactor, its first in almost 20 years. The new reactor will feed into Britain’s overarching goal of developing a minimum of 12 reactors at five locations by the year 2030.Read more »
BUSINESS October 21, 2013 | 2:29 PM
Japanese automaker Toyota is recalling 885,000 vehicles worldwide after discovering an air conditioning unit problem that can lead to airbag and power-steering problems. The models affected by the recall include the Toyota Venza, Avalon, Avalon Hybrid, Camry and Camry Hybrid models from 2012 and 2013.
The recall is focused on a water leak from the air conditioning condenser unit, which can cause a short circuit that could result in the airbags to inadvertently deploy or become disabled. In rare cases, power steering could also become disabled.Read more »
BUSINESS October 18, 2013 | 5:57 PM
French food group Danone SA, the world’s largest yogurt manufacturer, has been forced to revise its full-year sales, profitability and free cash flow targets after an Asia recall of high-margin infant formula this summer led to weak third quarter sales. Like-for-like sales growth is now estimated to be between 4.5% and 5%, down from the company’s previous estimate of at least 5%.
Third quarter sales of baby foods fell 8.6%, and the recall is expected to cost Danone $473 million in lost sales. Sales in September were only 40% of sales in July. "Our priority is to get back on track for strong and sustainable growth in this region (Asia) as early as possible in 2014," says Chief Financial Officer Pierre-Andre Terisse.Read more »
BUSINESS October 17, 2013 | 4:28 PM
London-based pharmaceutical giant AstraZeneca’s global biologics research and development arm MedImmune has acquired privately-held biotech company Spirogen, which focuses on antibody-drug conjugate technology used in oncology.
AstraZeneca will initially pay $200 million and add on $240 million more provided Spirogen’s products meet all of the predetermined development milestones.Read more »
BUSINESS October 16, 2013 | 11:48 AM
Facebook Inc., the world’s largest social network, has purchased Israeli mobile analytics startup Onavo to support its mobile business and Internet.org initiative, a project that aims to expand internet access to billions of people who are not online. The terms of the deal were not disclosed, but Israeli news sources estimate it is between $100 million and $200 million.
With a focus on smartphones, Onavo's mobile app helps reduce mobile phone costs with the more efficient use of data.Read more »
BUSINESS October 15, 2013 | 4:29 PM
The world’s largest marker of generic drugs Teva Pharmaceutical Industries is cutting 5,000 jobs, or 10% of its labor force, to combat increasing competition. The restructuring will incur $1.1 billion in total charges, but cuts are expected save the company nearly $2 billion by the end of 2017.
Teva’s workforce cuts are Chief Executive Officer Jeremy Levin’s means of increasing the company’s profitability and reaching target cost savings he set out in 2012.Read more »
BUSINESS October 14, 2013 | 3:14 PM
Automotive manufacturer Toyota Motor Corp, the world’s largest seller of hybrid vehicles, is reducing the price of its 2014 plug-in Prius models in the US to meet California’s Zero-Emission Vehicle Program.
Toyota has the largest share of vehicle sales in California, and must sell more low-polluting models than its competitors. The reduction is intended to boost sales and American consumers’ willingness to buy rechargeable vehicles.Read more »
BUSINESS October 11, 2013 | 11:43 AM
Walmart Stores, the world's largest retailer, is ending its six-year partnership with business group Bharti Enterprises, leaving it without a domestic partner in India. The partners operate wholesale cash and carry stores under the name Best Price Modern Wholesale, and are working to finalize details of the dissolution
Walmart will purchase Bharti's 50% stake for an undisclosed amount, giving it control of 20 wholesale stores and its supply chain. Bharti, meanwhile, will purchase Walmart’s compulsory convertible debentures in Cedar Support Services, a company owned and controlled by Bharti Enterprises.Read more »
Reportlinker.com © Copyright 2014. All rights reserved.